Life Insurance is an individual decision and the right life insurance plan is different for each person based on personal and financial situations. Additionally, as your life changes, your life insurance needs may change as well. Some life events that may trigger a policy review and/or change include:
- Marriage or divorce
- Opening or expanding a business
- Birth of a child
- Purchase of a home
- Planning for retirement
- Estate planning
- Term Life Insurance: Term insurance provides coverage for a specified period of time. It is generally the most affordable life insurance product, and it is available in varying time periods typically from 10 years to 30 years. It is sometimes convertible to permanent coverage, providing you with flexibility as your needs change.
- Whole Life Insurance: Whole life policies are a form of permanent life insurance that remains in force for your entire lifetime (hence the name whole life ), provided premiums are paid as stated in the policy. Whole life insurance can also be an investment opportunity, as many whole life policies also build cash value.
- Universal Life Insurance: Universal life is a form of permanent life insurance. Advantages include premium flexibility and adjustable death benefits.
Life insurance provides tax-free income to your named beneficiary or beneficiaries that can be used to pay funeral expenses, personal or business debts, tuition, estate taxes, or help your surviving beneficiary with day-to-day living expenses.
Additionally, many businesses fund their Buy Sell Agreements with life insurance policies on each partner. Founders Insurance has joined with a trusted life insurance partner whose carriers will provide a complimentary review of your company s Buy Sell Agreement. Contact one of our agents for details.